MTN Nigeria Successfully Listed 20bn Shares on NSE

• MTN Nigeria Successfully Listed 20bn Shares on NSE

MTN Nigeria has finally listed its 20 billion shares at N90 a share on the Nigerian Stock Exchange (NSE) market on Thursday.

The Nigerian Stock Exchange had approved the listing on Tuesday, five days after the Securities and Exchange Commission gave the telecommunication giant go ahead.

MTN Nigeria listed 20,354,513,050 shares at N90 per share. Making the telecommunication company the second largest company on the Nigerian Stock Exchange at N1.83 trillion market value.

It shares rose 10 percent on its first trading day.

However, MTN Nigeria won’t be selling shares to the public until it resolved $2 billion tax row with the Nigerian government. The company was accused of owing $2 billion in back taxes in 2018 by Nigeria’s attorney general.

MTN Nigeria said it would only sell shares after that issue with the government is resolved. MTN plans to sell more shares to the Nigerian public and increase local ownership of MTN Nigeria to 35 percent from about 20 percent currently.